The importance of having your own property insurance

Property management companies are in the business of ensuring that property owners and the tenants that inhabit those properties are well managed. For property management companies Toronto, contracting Ashbridges Property Management is one way to ensure hassle-free handling of all the responsibilities related to your property. However, as a tenant you still have to take some personal responsibility for your belongings in the form of property insurance.

Whether you’re living in a luxury condo, a high-rise apartment or high occupancy rental property, you do need to take out your own insurance. For example, condo owners need to secure insurance to cover all the things in their unit. Common areas of a condo building or condo complex, such as an indoor or outdoor pool or social area, are typically covered through the monthly fees tenants pay to a condominium association – or whatever property management companies are managing the building. This is a type of commercial insure that is usually explained in any policy you see upon becoming a tenant. Loss assessment coverage is protection tenants can use on claims involving the building and the common areas tenants would normally access through the course of using the building.

As Ashbridges Property Management – one of the premier property management companies The Beaches – can tell you, despite living in an insured building it is still a smart idea to contact an insurance company and get your own insurance. While the building may be covered in the event of a fire or water damage, everything you own in your apartment or condo, from clothing to electronics, is not covered by the building insurance. Your personal property insurance needs to address both the actual cash value of your possessions along with their replacement cost. A policy that covers the full cost of replacing your lost or damaged items would come with a higher premium, but it would ensure you are fully protected. Your insurance policy would also protect you in your actions caused harm or damage to other tenants in the building and their personal property. Landlords have property insurance to cover the structure of the building, but if your individual actions are the cause you need insurance to help cover any repairs or replacement costs. The final reason why personal property insurance is a good idea is to cover yourself against the liability associated with causing unintentional harm to others. It could be as simple as being found negligent for someone slipping and falling inside your condo or apartment.

Hire a professional property management company to help educate your tenants on the benefits of personal insurance. Contract Ashbridges Property Management, a boutique company you can find operating in The Beaches. Look for us on-line at http://ashbridgespropertymanagement.ca/.